Business
Hillcrest Announces Effective Date of Share Consolidation
Vancouver, British Columbia--(Newsfile Corp. - June 5, 2023) - Hillcrest Energy Technologies (CSE...
About this update from Hillcrest Energy Technologies Ltd.
[{"type":"text","content":"Hillcrest Announces Effective Date of Share ConsolidationVancouver, British Columbia--(Newsfile Corp. - June 5, 2023) - Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF) (FSE: 7HIA.F) (\"Hillcrest\" or the \"Company\"), announces that the company will complete a consolidation of the authorized and issued common shares of the Company (the \"Common Shares\"), effective at the opening of the markets on June 8, 2023, on the basis of a one (1) post-consolidated Common Share for each six (6) pre-consolidation Common Shares (the \"Consolidation\").Don Currie, Hillcrest Chief Executive Officer, stated, \"This proposed consolidation and the resulting share structure are key components of our Company's strategic business growth plan to increase our presence and equity trading in the US.\"No fractional Common Shares will be issued upon the Consolidation. In the event a holder of Common Shares would otherwise be entitled to receive a fractional Common Share in connection with the Consolidation, the number of Common Shares to be received by such shareholder will be rounded down to the next whole number if that fractional Common Share is less than one half (1/2) of a Common Share, and will be rounded up to the next whole number of Common Shares if that fractional Common Share is equal to or greater than one half (1/2) of a Common Share.Effective at the opening of markets on June 8, 2023, the Common Shares will commence trading on the Canadian Securities Exchange on a post-Consolidation basis under the existing ticker \"HEAT\". The new CUSIP number will be 431502202 and the new ISIN number will be CA4315022026.Registered shareholders whose holdings are represented by a physical share certificate will be sent a letter of transmittal from Odyssey Trust Company, transfer agent to Hillcrest, with information related to the exchange of the physical certificate for a Direct Registry System (\"DRS\") statement or new physical share certificate representing the post-Consolidation holdings of the shareholder. Intermediaries, such as brokerage houses and financial institutions, who may hold physical certificates on behalf of a beneficial shareholder will facilitate the transmittal of the Common Shares in those instances, however beneficial positions held through CDS and DTC will be automatically exchanged on completion of the Consolidation, and s...